DuPont to cut 1500 jobs

DuPont to cut 1500 jobs

Chemicals Company DuPont has said that they are raising its first-quarter earnings forecast on broad operating strength. However, they would still be cutting around 1500 jobs, which come to around 2.5 percent of its work force.

These job cuts would be in their performance coatings business and are part of their plans to reduce costs and improve competitiveness across segments. The company is facing weak markets in Europe and this has led to the higher first-quarter outlook.

DuPont also added that they forecast one-time restructuring charges, pretax, of up to $165 million, with additional costs of up to $55 million over the next 12 months. And these job cuts are in addition to the already announced job cuts for 200 workers.

The company would also be closing down two facilities based in Netherland and Germany. These cuts alone would save the company around $165 million.